The Renter’s Guide to Condo Insurance

Condominium insurance is required to insure your personal property while protecting you in liability situations. While your condo association policy provides some coverage, you’ll find that many of your assets aren’t included under the umbrella. Your condo association policy more than likely falls under one of these three categories:

  • Policy 1 insures only the primary building and common areas
  • Policy 2 insures your building and any items in your unit other than personal property
  • Policy 3 insures the building, your unit and any fixtures or improvements made


Condo insurance is extremely helpful — even when your condo association has its own coverage. It protects you in specific cases like break-in’s, water damage or if someone were to get injured on your property.


Areas of Protection

There are three major areas of condo insurance protection. Building property protection typically protects the walls of your condo unit and its interior. This would include things such as bookcases and fixtures. Personal property coverage covers more personal belongings like electronics, appliances and clothing. Whereas personal liability coverage protects you in the case of someone getting injured on your property — Or more specifically, covers your guest’s potential medical bills.


Levels of Coverage

Renters have various options when it comes to personal property coverage. The two most common are actual cash value and replacement cost coverage. Actual cash value helps you replace your belongings after depreciation while replacement coverage cost replaces them without considering depreciation.


Policy Coverage Options

Next, you’ll need to explore your policy options. Most often, the condo association’s coverage only protects the building itself — none of its contents. So this is where a  personal property coverage is most definitely important. It protects your personal items (even your car), your renovations and property upgrades, and from liability losses. Your policy will just depend on the price of your assets and your coverage preferences.


Other Areas of Protection

Keep in mind that condo insurance has the ability to protect you during inclement weather, property malfunctions, vandalism and theft. In Oklahoma specifically, you can find coverage in the case of fire, lightning, windstorm, hail — or even elements that directly impact your space like smoke, leaks or frozen plumbing.


As a renter, it can be intimidating weighing coverage. And while your condo association has the exterior taken care of, it falls on you to assess the risk of your belongings. Never fear, though, our team at Garner Insurance will guide you through every step of the way. We pride ourselves on industry experience with the personalized attention you only find in a rural town.


To learn how Garner can help you find the most value in a condo insurance policy, give us a call at (405) 366-8700. We’re always here — to prepare you for the unexpected.